Here’s Why Bitcoin Might See Volatility This Week, Cardano Rockets 300% in Fund Flows, SHIB Team Member Makes Crucial BONE Statement: Crypto News Digest by U.Today

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As a seasoned analyst with years of experience navigating the cryptocurrency landscape, I find myself intrigued by this day’s headlines. The potential volatility in Bitcoin is always a captivating topic, and the FOMC meetings are a significant event that could potentially sway the market one way or another. As someone who has witnessed numerous rallies following rate cuts, I can’t help but keep a close eye on this week’s proceedings.

Today’s Crypto News Highlights presents the top 3 significant stories from the cryptocurrency sphere of the previous day.

Here’s why Bitcoin might experience volatility this week

With Bitcoin falling below $63,000, traders and investors are bracing for a week full of market volatility. This week’s anticipation is heightened by the upcoming release of minutes from the Federal Open Market Committee (FOMC) meeting on Wednesday. It is important to recall that after the Fed reduced interest rates last month, Bitcoin and other digital assets saw significant surges. The current expectation is that the Fed will announce another rate cut following their November meeting; however, it’s unlikely they will opt for a 0.5% reduction, as only 7% of traders believe this outcome is possible. Alongside the FOMC meetings, investors will be keeping an eye on critical economic indicators such as the unadjusted consumer price index (CPI) set to be released on Thursday, as well as the producer price index (PPI) and jobless claims, which will provide insights into the strength of the U.S. economy.

Cardano rockets 300% in fund flows, XRP in green too

Based on a recent analysis, funds flowing through the ETP market for Cardano have shown exceptional growth. In fact, investments in Cardano ETPs surged by an impressive 300% over the past week, amounting to an additional $300,000 for these token-focused ETPs. This surge follows a trend whereby Cardano has attracted $13 million since the beginning of the year, with its providers managing a total of $49 million in assets. Despite trailing other cryptocurrencies in terms of ETP offerings, Cardano’s recent strong performance indicates growing investor interest.

Crucial BONE statement made by SHIB team

In a recent update from X, the Shiba Inu marketing head Lucie highlighted the significant function of the BONE token within the Shibarium ecosystem and the wider SHIB network. She likened BONE to an “energy source” for the system, much like gas is essential for a car, stating that without it, you’re essentially stuck in a luxurious metal container. This is because, as Lucie explained, BONE serves as a crucial gas fee token, ensuring Shibarium keeps operating efficiently. Without BONE, she concluded, the entire system would be stationary and ineffective, just idling without progress. It’s also important to note that BONE is used for token burns, where a part of the gas fees are set aside, converted into SHIB, and permanently locked away to reduce the number of circulating tokens. This approach aims to make SHIB tokens more rare, which could potentially boost their market value over time.

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2024-10-08 18:57